Tucson’s River Center trades for $24.8 million
Tucson, Ariz. — Lee & Associates Arizona has negotiated the $24.8 million sale of the River Center, a 117,563-sq.-ft. shopping center anchored by Whole Foods and Petco. Located on East River Road in the Catalina Foothills of northeastern Tucson, the center posted a cap rate of 5.5%.
Lee & Associates Arizona represented the buyer, Global Retail Investors LLC, a subsidiary of First Washington Realty of Bethesda, Md., and the seller, River Center Canada.
River Center was constructed in 1986 and remodeled in 1997 and 2013.
CPRT names new chief operations officer
Baton Rouge, La. — Commercial Property Realty Trust, a REIT that manages and develops property holdings of the Baton Rouge Area Foundation has named Gerard “Stick” Thibodeaux VP and COO.
Thibodeaux will oversee the leasing and property management of Acadian Village Shopping Center in Baton Rouge, La., and the retail components of two traditional neighborhood developments — American in Zachary, La., and 5401 North in Raleigh, N.C.
He will also handle the commercial leasing of the newly announced IBM Complex and Water Campus in Baton Rouge as well as CPRT’s other properties throughout the southeastern U.S.
Thibodeaux comes to CPRT from his post as senior VP of sales and leasing for Kahn Development Company.
Waba Grill Coming to Upland
Upland, Calif. — NewMark Merrill Companies has announced that Waba Grill will open in February at Upland Town Square in Upland, Calif. The restaurant signed a 10-year lease for approximately 2,008 sq. ft. of space near O’Reilly’s Auto Parts. Voit Real Estate Services represented Waba Grill.
NewMark Merrill manages Upland Town Square, which is owned by the company’s president and CEO Sandy Sigal.